$1.2 Billion Team Departs Bank of America Private Bank for Fieldpoint Private
Greenwich, CT – January 30, 2020 – Fieldpoint Private, the fast-growing wealth advisory and private banking boutique serving ultra-high-net-worth families and institutions, announced its expansion into the Orlando, Florida area, with the addition of a former Bank of America Private Bank team that managed $1.2 billion in investment assets at its former firm.
While at Bank of America Private Bank (formerly U.S. Trust), Marc Angle, Stacey Cole, Johnny Gibson and Tara Pioli worked with approximately 75 wealthy families and their related business and philanthropic enterprises, across the eastern United States. Now at Fieldpoint Private, the team will advise on all aspects of wealth planning, investment policy and asset management, banking, credit, and governance. The group will be based in Winter Park, an Orlando suburb.
The team’s decision to join Fieldpoint Private followed an extensive due diligence process exploring other firms. “We met with a dozen firms before we found Fieldpoint. We had a lot of boxes to check,” Mr. Angle said.
“We wanted client-focused delivery with a common sense, unconflicted approach, and we wanted a firm that would be nimble and give us ready access to senior-level decision making,” Ms. Cole added. “We also looked for great technology where it touches the client, and a fully integrated bank.”
Mr. Gibson described the two-year process of seeking a new home for the team. “After talking to the big traditional firms, the regionals, and several independents, there were always gaps between what we were looking for and what they had to offer,” he said. We concluded the firm we were looking for didn’t exist, and for a while it looked like we would have to build it ourselves. And then we found Fieldpoint.”
Christopher DeLaura, who leads the firm’s wealth management efforts as CEO and President of Fieldpoint Private Securities, said the team reflects a trend he has been seeing among advisors looking to break away from the industry’s traditional giants. “A lot of advisors are actively considering independence, but the closer they get the more clearly they see the burdens, like managing compliance, technology and real estate instead of focusing 100% on clients,” Mr. DeLaura said. “And if banking and lending are important, the idea of starting a bank in order to do that in an integrated fashion is simply a non-starter.”
The team has worked together for the past six years. Marc Angle joined U.S. Trust in 2013, following several years as a financial advisor with Alliance Bernstein. A graduate of the United States Military Academy at West Point, he served eight years as an Army Captain and Blackhawk helicopter pilot, with deployments including Kosovo, Iraq and South Korea.
Stacey Cole spent 13 years with Bank of America, as a senior vice president and senior trust officer. Prior to that she was an attorney and partner with Akerman LLP, and an associate with Bender, Bender, Chandler & Adair. She earned her bachelor’s and law degrees at the University of Florida.
Johnny Gibson was a managing director and portfolio manager with U.S. Trust, spending 15 years there. He began his career as an investment consultant with Charles Schwab. The Indiana native is a graduate of Ball State University. He is a past president and director of CFA Society Orlando.
Tara Pioli, the team’s associate, was with Bank of America for 13 years, serving in a series of roles including lead operations representative, personal banker, and business development analyst. She is a graduate of the University of Central Florida.